Informationen zum Autor LEONARD ZACKS has been Chairman and CEO of Zacks Investment Research since 1978. Prior to that, he held several positions with A.G. Becker, a Chicago-based brokerage firm, including investment analyst, assistant to the president, and product development manager. Zacks was an associate at McKinsey & Company in New York and an analyst at the Rand Corporation in California. He holds a PhD in operations research from the Massachusetts Institute of Technology. Klappentext Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomaliesThe Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market.Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies* Anomalies are selected by Len Zacks, a pioneer in the field of investingAs the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies. Zusammenfassung Presents academic research on how to beat the market using equity anomalies. This book addresses such anomalies as: the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, and several seasonal anomalies. Inhaltsverzeichnis Preface xiAcknowledgments xviiCHAPTER 1 Conceptual Foundations of Capital Market Anomalies 1Mozaffar KhanEfficient Markets 2Identifying Anomalies in Capital Markets 3Explaining Anomalies 5Anomalies: Weighing the Evidence 10Appendix 1.1: Risk and Expected-Return Models 10References 17CHAPTER 2 The Accrual Anomaly 23Patricia M. Dechow, Natalya V. Khimich, and Richard G. SloanWhat Are Accruals? 24Sloan (1996) in a Nutshell 32Extensions of Sloan (1996) 38Alternative Explanations for the Accrual Anomaly 45Practical Implications 51Appendix 2.1: Estimation and Testing Framework Used in Sloan (1996) 52Appendix 2.2: Details on the Broader Definition of Accruals 54Refere...

Autorentext

LEONARD ZACKS has been Chairman and CEO of Zacks Investment Research since 1978. Prior to that, he held several positions with A.G. Becker, a Chicago-based brokerage firm, including investment analyst, assistant to the president, and product development manager. Zacks was an associate at McKinsey & Company in New York and an analyst at the Rand Corporation in California. He holds a PhD in operations research from the Massachusetts Institute of Technology.

Klappentext

Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies * Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.

Zusammenfassung
Presents academic research on how to beat the market using equity anomalies. This book addresses such anomalies as: the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, and several seasonal anomalies.

Inhalt

Preface xi Acknowledgments xvii CHAPTER 1 Conceptual Foundations of Capital Market Anomalies 1 Mozaffar Khan Efficient Markets 2 Identifying Anomalies in Capital Markets 3 Explaining Anomalies 5 Anomalies: Weighing the Evidence 10 Appendix 1.1: Risk and Expected-Return Models 10 References 17 CHAPTER 2 The Accrual Anomaly 23 Patricia M. Dechow, Natalya V. Khimich, and Richard G. Sloan What Are Accruals? 24 Sloan (1996) in a Nutshell 32 Extensions of Sloan (1996) 38 Alternative Explanations for the Accrual Anomaly 45 Practical Implications 51 Appendix 2.1: Estimation and Testing Framework Used in Sloan (1996) 52 Appendix 2.2: Details on the Broader Definition of Accruals 54 References 59 CHAPTER 3 The Analyst Recommendation and Earnings Forecast Anomaly 63 George Serafeim Role of Research Analysts 63 Investm…